Do you want to take advantage of these benefits, but wonder if refinancing will be worth the time and money you'll need to invest? Do you feel unsure about the entire refinancing process?

Don't worry. The refinancing process is very simple. It involves paying off your existing mortgage loan and taking out a new one on the same house. Your new mortgage loan could be at a more attractive interest rate, or for a different term. Or, you could get an entirely different type of loan — for example, you could switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.

If it's been a few years since you got your current mortgage loan, you may need to refresh your memory about some of the terminology used on these pages, so be sure to refer to our glossary of mortgage- and lending-related words and phrases. Look through the Buying a Home section of our site for a more-detailed description of the importance of your credit, your loan options, and the mortgage process. And take advantage of our tools and calculators — including our Refinance Calculator — to test the anticipated effect of different scenarios and different loan options on your financial future.